Chapter 16 Section 1 Flashcard

Front

This series of serious bank runs finally convinced Congress to act and address concerns within the nation's banking system, resulting in the Federal Reserve Act of 1913.

Back

Panic of 1907

Front

The actions the Federal Reserve takes to influence the level of real GDP and the rate of inflation in the economy.

Back

monetary policy

Front

Why does the Federal Reserve System have a higher degree of political independence? Options: the system has only advisory power, it is divided into geographical districts, the governors are appointed for life terms, the system is owned by the banks

Back

the system is owned by the banks

Front

This is a seven member board that oversees the Federal Reserve System.

Back

Board of Governors

Front

How many Federal Reserve Districts are there?

Back

12

Front

What is the subject of Federal Open Market Committee decisions? Options: appointment of members of the Federal Reserve's Board of Governors, chartering of new banks and other lending institutions, level of interest rates and growth of the money supply, scheduling of banking days and hours for member banks

Back

level of interest rates and growth of the money supply

Front

Who appoints the members of the Board of Governors of the Federal Reserve? Options: the state legislatures of the states represented, the state governors, the U.S. Senate, the U.S. President

Back

the U.S. President

Front

What banks must join the Federal Reserve system?

Back

all nationally chartered banks